TaxFootprintUSA is the latest effort to help US taxpayers learn more about their taxes and exactly where our money goes. We are committed to bringing you the latest news on US taxation and how well our elected officials manage our money.
We’ve heard a lot in recent years about man made climate change – aka Global Warming. In the discourse, it has become commonplace to ask, “What is your carbon footprint?” The thought being the more carbon you emit, the more you contribute to global warming.
So taking a page from the global warming crowd, we recently wondered, “What is your TAX Footprint?” Our TaxAware iPhone app is designed to help you do just that.
Taxes are necessary to provide roads, police, fire and military protection. But with our exponentially growing national debt and Congress’ inability to control spending, isn’t it time we asked ourselves just exactly how much we pay in taxes and where they go?
Most people first think of income taxes when they are asked to come up with their Tax Footprint. But income taxes make up less than half of our overall tax burden[i]. There are state income taxes, sales taxes, corporate taxes, payroll taxes, social security taxes, city taxes, property taxes, death taxes; air, hotel and rental car taxes; sin taxes, permits, licenses, registration fees, excise taxes, utility taxes, import taxes, hidden taxes and more! Some politicians are even calling for “windfall profit taxes” on corporations that are apparently not paying “enough” tax.
In fact, the total US tax burden is equal to 56% of annual personal consumption spending[ii]. How do you feel about a 56 percent national sales tax? Not good.
Learn more about your TaxFootprint and just how much you spend each month on local, state and federally subsidized projects with our TaxAware iPhone App.
[i] Hidden Taxes: How Much Do You Really Pay?
by Bryan Riley, Eric V. Schlecht, and Dr. John Berthoud on 08/29/2001; Institute for Policy Innovation